opinion

Metals: Emotions aside, nothing has changed

Kitco Media
By Jonathan Da Silva
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Featuring views and opinions written by market professionals, not staff journalists.

From a technical perspective, Friday’s indiscriminate selling hasn’t done damage.

Gold is still holding a clearly defined channel, shown below on a 4-hour chart. Once again – momentum seems to be bottoming with price supported.

Silver shown below on the 4-hour chart also depicts momentum bottoming with price finding support just above the breakout point, while preserving the pattern of higher highs and higher lows.

In my opinion, until technical damage occurs, scary selloffs such as that of Friday could just be buying opportunities.

Thanks and good luck.

Kitco Media

Jonathan Da Silva

Jonathan Da Silva developed a passion for hard money and economics from a young age having been influenced by family who sought to teach me that "nothing is free", and the importance of intrinsic value early on. My interest in markets grew keener during the great financial crisis of 2008; leaning on family with vast trading experience, I began to self-educate on technical analysis and economics- drawing inspiration from the works of individuals like W.D. Gann and Adam Smith. I have been a proud member of the Kitco team since 2017 and hope that my writing inspires readers to consider an objective view of the metals, and the greater financial markets.

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